The Warehouse gets a bargain

​Chapman Tripp has acted for The Warehouse Group on its acquisition of specialist consumer electronics and home appliances retailer Noel Leeming Group, for NZ$65m, from Australian private equity firm Gresham.

The transaction, which settled on December 10, was funded through existing debt facilities.

The Chapman Tripp team acting on the deal was led by Partner John Strowger, and included Senior Associate Joshua Pringle.

“This deal was a little different, in that the vendor’s circumstances meant they weren’t able to provide any assurances around the asset base of the business at settlement, or warranty support thereafter. Relatively innovative deal conditions were required to address these issues, as well as warranty and indemnity insurance,” said Strowger.

The Warehouse Group Chairman Graham Evans said the acquisition fitted very well with The Warehouse Group’s existing portfolio of businesses, and supported the company’s transformation into New Zealand’s pre-eminent non-food retail business.